HALOS Act of 2025

This bill lets startups and small businesses show their products and talk about their plans at certain pitch events without it counting as banned “advertising” under private fundraising rules. The SEC must update its rules within six months to make this clear .

These events must be hosted by certain groups, like governments, colleges, nonprofits, angel investor groups, incubators, accelerators, and some industry associations. Ads for the event can’t mention a specific investment. Hosts can’t give investment advice, join negotiations, charge more than reasonable admin fees, or get paid for making introductions. They must hand out a short, plain one‑page notice about what the event is and the risks of investing. At the event, companies can only share basic facts, like what they’re offering, how much, how much is already taken, and how they plan to use the money. Events generally can’t be held in facilities owned or run by a religious organization, except accredited colleges. Simply attending an event does not make you a prior contact for private‑offering rules. Online events must limit attendance to certain investors or invitees, and events must include more than one company presenting .

Key points

• Who is affected: Startups and small businesses seeking investors; event hosts like universities, nonprofits, and angel groups; investors who attend pitch events .
• What changes: Pitch events that follow these rules won’t count as banned advertising; only basic offering details can be shared; hosts face clear “no advice, no pay-for-intros” limits; events have sponsor and location rules; attendance alone doesn’t create a special prior relationship for fundraising rules; virtual events have access limits .
• When: The SEC has 6 months after the law takes effect to update its rules.